@Daniel ShowmanYour questions are very common in this space and if you do some quick searches on BP, you can read up on all kinds of opinions and information from other members here. 

Don't forget about utilities (if you plan on covering any.)

However; when the Shop building was originally built it was permitted with a bathroom, and has utilities, so there's is absolutely no new impact on any County services.

Utilize 1031 Exchange 3. 

Additionally, have you considered closing costs, repairs, maintenance, taxes and utilities?

It’s common sense.

If one is already past the wealth expansion stage and the marginal utility of the next dollar is not worth the effort it takes to keep ROE up.. more power to them. 

My Question is, is this common for Conventional financing lenders to not use apartment building leases as income until our taxes are filed the next year?

So if one investor was selling a property for $100K and the other was selling a property for $200K they would need to purchase a property for at least $300K and investor A would need to take title as a tenant in common to 1/3rd of the property while investor B would take title to $2/3rds of the property as tenants in common.Once the 1031s have completed and cleared the two investors could continue as tenants in common and when they sell they could stay together or separate again. 

Thank you for your service and I look forward to utilizing your expertise!